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Free AccessWestpac note that "bushfires are..........>
AUSTRALIA: Westpac note that "bushfires are currently affecting large parts of
south eastern Australia with elevated risk of further fires in coming weeks. We
estimate total losses to date are likely to be around $5bn - higher than the
2009 bushfires in Victoria but smaller than the Queensland floods in 2010-11.
The economic impact is highly uncertain. Activity in the most severely affected
areas accounts for around 1% of the Australian economy and is focussed on
agriculture and tourism. Initial indications suggest the main direct negative
impacts will be on local tourism activity with potential disruptions from smoke
pollution affecting the major capital cities. Indirect effects through a hit to
confidence and impacts on the wider tourism industry are much harder to assess
but could be similar in scale. Our balance we see a total GDP impact of
0.2-0.5%."
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.